Growing uncertainty as Covid-19 cases spike in the US has left US import wire rod buyers “more reluctant than ever” to take a chance booking large tonnage orders from overseas. While offer prices are generally stable week-on-week, sources tell SteelOrbis that buyers might be able to “sniff out deals” if they’re willing to take the risk. Additionally, buyers are finding less availability of import wire rod positions at US ports, as the latest US import data finally begins to show the post-pandemic ordering slump. Import wire rod permits for June were recorded at 42,746 mt, compared to final census totals of 60,278 mt in May. As for this month, import permits recorded during the first week totaled 11,712 mt.
Offer prices for US import wire rod are stable this week at $28.00-$29.00 cwt. ($617-$639/mt or $560-$580/nt) DDP loaded truck in US Gulf ports from Germany.